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Business Finance Info & Updates

AIICO commences N3.5bn rights issue

AIICO Insurance Plc has announced a giant leap forward in its recapitalisation journey with the launch of its N3.5 billion rights issue which kicked off yesterday; Wednesday, September 2, and will run through to Wednesday, October 7, 2020.

According to the Head, Strategic Marketing & Communications of the company, Segun Olalandu, the rights issue, 4,357,770,954 ordinary shares of.50 kobo each at 80 kobo per share, are being offered on the basis of five new ordinary shares for every 13 ordinary shares held as at the close of business on Monday, June 15, 2020.

The shareholders of AIICO now have the opportunity to increase their stakes and reposition themselves in a company with excellent prospects, said Olalandu.

The rights circular is now available for download on the company’s website at www.aiicoplc.com and the registrar’s website at www.unitedsecuritieslimited.com.

Speaking on this development , its Managing Director/CEO, Babatunde Fajemirokun, said the company has continuously demonstrated its resilience and capacity to stand the test of time, given over five decades of doing business in Nigeria; adding that this is one of the reasons  AIICO remains investors’ choice and stands to maintain its frontline position post-recapitalisation.

“A greater future beacon for all our stakeholders, including shareholders and customers, as this exercise will unlock greater potentials for value creation both in the short and long term. It will see the company emerge stronger and with greater capacity to underwrite more risks”, Fajemirokun said.

Sunnews

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